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Explain which consumer trends cause demand to be elastic and when it is inelastic. What is the formula for measuring elasticity? (write the formula here):

  • Explain which consumer trends cause demand to be elastic and when it is inelastic.
  • What is the formula for measuring elasticity? (write the formula here):
  • What is the formula for measuring percentage change? (write formula):
  • According to the lecture, what are some typically inelastic goods?
  • Are items with a wide range of substitutes considered elastic or inelastic? Explain why.

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